Wouldn't it be more like a credit default swap or other derivative? It would actually be more like a tulip. https://en.wikipedia.org/wiki/Tulip_mania https://e

Wouldn't it be more like a credit default swap or other derivative? It would actually be more like a tulip. https://en.wikipedia.org/wiki/Tulip_mania https://en.wikipedia.org/wiki/Tulip_mania At least with a derivative, there is some kind of theoretical contractual value. Somewhere up the chain, there is something of value, say, a home mortgage, and you're making a bet on it. With ICOs, the coin is a vehicle for pure speculation. The only bet you're making is that the coin's value will go up, and the only way that happens is if other people make exactly the same bet.